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Fraser and Neave : celebrate of Transaction in Shares of Vinamilk | existent Questions and Pass4sure dumps

8/22/2017 Asset Acquisitions and Disposals::observe of Transaction in Shares of Vietnam Dairy items Joint stock business

issuer/ manager



FRASER AND NEAVE, restricted - SG1T58930911 - F99

Stapled protection


Announcement Title

Asset Acquisitions and Disposals

Date & Time of Broadcast

22-Aug-2017 17:39:51



Announcement Sub Title

word of Transaction in Shares of Vietnam Dairy products Joint stock company

Announcement Reference


Submitted by (Co.I Ind. identify)

Anthony Cheong Fook Seng


company Secretary

Description (Please deliver a detailed description of the suffer in the sphere under)

Fraser and Neave, restricted (the "business") attaches for suggestions, the celebrate of Transaction in Shares of Vietnam Dairy products Joint stock business ("Vinamilk") dated 22 August 2017 and issued by means of F&N Dairy Investments Pte Ltd ("F&NDI") to the Ho Chi Minh inventory trade ("HOSE") in reference to the practicable acquisition by F&NDI of up to an further 14,514,530 Vinamilk shares, representing about 1% of the issued partake capital of Vinamilk (the "additional Vinamilk Shares" and the feasible acquisition of the further Vinamilk Shares, the "Transaction") which turned into introduced via the HOSE today.

F&NDI and F&NBev Manufacturing Pte. Ltd., both absolutely-owned subsidiaries of the company, at present hold about 16.04% and 2.7% in the issued partake capital of Vinamilk respectively.

The enterprise wishes to emphasize that the subsist vigilant of Transaction relates most efficient to F&NDl's aim to acquire the extra Vinamilk Shares and there's no conviction or assurance that the Transaction will materialise.

The business will compose additional bulletins to update shareholders on any fabric trends as indispensable.


Anthony Cheong Fook Seng enterprise Secretary

22 August 2017


tID FNDI-VNM-Pre-trade-ReQort-220817 .Qdf

total measurement =3876K

G+ Apps?A=COW_CorpAnnouncement_ content&B=AnnouncementToday&F =L5L320TVMHGOM4 RM&H=37d11629f5c8334b. . . 1/1

PH) U)C SO 10




notice OF TRANSACTION INSHARES/ FUND CERTIFIC4TES OF interior person AND linked people OF inner grownup

(Ban hcnh kem theo Th611g tzr s6 a hundred and fifty five/2015/TT-BTC ngay 06 thang 10 nam 2015 ciw B(J Tai

chfnh hu!mg ddn C(ll'lg bd thong tin tren thj !1'U011g ch1111g /choan)

(Promulgated with the circular No 155/2015/TT-BTC on October 06, 2015 of the t...finist,y of Finance guiding the lt?formation disclosure on securities market.,)


Dqc lp - Tt.r conclude - m.inh phuc


independence - license - Happiness

Singapore, ngay 22 thang 08 niim 2017

Singapore, !lug 22, 2017





person OF PlJBLIC company, inside PllRSON OF PU BLIC fun D AND related persons OF inside person.

family h gi'.ri: - Uy ban Cht'.rng khoan Nha mr6c

To: - The condition Securities fee

l . Thong tin v ca nh{1n/t6 cht'.rc thrc hello n giao djch/ Injimnation on particular person/ solid that conducts the tranfer:

  • Ten t6 cht'rc/ title of particular person/organization: F&'.'I DAIRY INVESTMENTS PTE. LTD.

  • Qu6c tjch/ Nationality: Singapore

  • S6 ClvlND, HchiSu, The can cu&c (d6i v&i ca nhan) hoi;lc Sf.I Giily cht'.rng nh?n dang ky doanh

  • ngh ip, (i i,1y phi:p hotit 1h)ng hoJc gi,1y ta phi1p ly ttr(rng duong (ct6i v&i t6 ch1'.rc), ngay dp, noi

    dp/ identity rnrdi/'ass11nrt No. (in case individual) or Certif icate of enterprise registratiun No. (in

    case (j organizatio;zj, dare of situation. space of challenge: 19/J' 70321BC, !four/W/198 7, Registrar of

    Companii>s, Singapore

    - Chfrc Vt hello n na y ti;ii cong ty dii chu ng, cong ty quan I)' quy (n0u cc1) hoc m/1i quan h vtYi cong ty dz1i chi'mg, c{•ng ty quu IS, qu5· /present space in the public company. thct1md ma11agcme111 enterprise ( (( any) or relationship with the generic public enterprise, the fimd managument business: OJ diing 119i hl I related celebration

    2. lhi'mg t i n v-three ngtr(ri rn)i b9 ctia ccmg ty d:;i ch1111g/q u y d,.1i (:h t'111g la 11g1rc'ri C i) i ien quan dia ca nhinit/1 ch(rc tht,1c h i;ll giuo d jch (d1i v&i tnn'mg hqp ngt riri t h rc hin giao djch !a ngucri c6 l ien

    quan cua ngtrLri tH)i b9 Ctli.l cong ty dch(mg)/ !nfimnation about intana! persun o( the public cu111pany/publii.: jimd is related adult of buying and selling i11divid11a1'1)l)!,tllliwf ion (i11 ·! dealer is re/med 11erscm of interior pason cf the public compm1y1pu/Jiicfi111(f):

    - Hr va ten ngut'.i n9i b(J/ llame of interior adult.· l.EE MENG ·1:,11·1M JC HA EI, CJJYE HIN

    1r.'_4 [

  • Qu&c tich/ Nationality: Singapore I Singaporean

  • Sl"i ClL D, H(J chieu, !'he can cuac 1 m card-Pm·.iport No..

  • Di?n tho;1i lien h / f'ho11e:

  • Ch i'.rc v 1i h i n na y t r;ti con g ty cti d1ung, cong ty qui111 ly quy !current!) po.1ill ion 111 lhe public enterprise. the fimd administration business: Thanh vien hJi i!Bng quiin trf/ !i1ember t(( the Board of administrators

  • ·l'v16i qua n h giua d nhan/t6 cht'.rc thvc hin gi ai1 dich 1'1ri ngu1·i n(>i h(1/ Relu1iu11shi11 of i11dil'id11a/.orgu11i:.ation c.rernti11g frw1sadio11 ll'ith i111crnal person. ()11g Lee Meng Tut la Gitim dtJc ctia c,lng l' Fmser & Nea ve UmitPt!. cilnu ty nay hifn str hii'u a hundred%, v611 c1ia cong ty F&N Dait' lnvt>stmenfs Pte. ltd.I Mr. Lee l',1eng Tat is mi executive Officer ll Fraser & Neave

    Umited which holds one hundred'!,;; of F-.'?,.N DaiiJ lnl'Pte. Ltd. : {)ng Michael Chye Hin Fah Ni Gitim dlJc c1ia c(>II[; 1· Fmser & Neave Umited, cr111g ty nay hi{•11 sd hf'i'u one hundred% 1·il11 cita cfmg l' F&N DaitJ Investments Pie. Ltd.I Mr. lWcfwel Chye !!in Falt is an Aliemate Director of Fraser & Nea j!e limited which holds one hundred% of F& N Dail:r lflvestmems Pte. Ltd.

    - S( lll'qng. [Y l di phi u/cht'mg ch i qu y nu ngu{ri n(>i b(l dang na m gi[r (n0.u c(1)/ number.

    ow nership partake q/'sharc1· held hy the illf ema{ ( if'any ): 0 ctJ phi§u (0%)/ 0 partake (0%)

    three. rvrn ch(rng khnrn giao djch/ Securities code: VNM

    four. Gic tc'1i k hoan giao djch c6 c6 pbi u/chfrng ch i quy neu tii mvc 3/'frading account number wirh s!um!s/jimd certif icates mentioned above:

  • Sf. ltwng, t 1 ¢ c6 ph i6u/cht'.rng ch i qu5· nam gifr tnrt'rc kh i t h1,rc h i,:n giao dichi Numht'r,

    ownership pro portion cf share.1·1jimd certf ficatcs held befhre tl'(msaction: 132,747,708 cJ phi&u (16.04%)/ 232,747,708 shares (sixteen.04%)

  • S6 lu-qng c6 phi6u/chi'.mg chi man dang ky mua I number certf flcates registered

    topurchase: 14,514,530

    x ,

    co phieu


  • s6 lu-qng, ty I? c6 [electronic mail protected]/cht'.rng chi quy dv kinfolk nAm gifr sau khi thvc hin giao d ich/ quantity, ow11ershi11 JWO[ )()rf io11 of s/wres,:Jimd cert(lh-ates exprcted to grasp after the transaction: 247,262,238 cl) phidu ( l7.04%)/ 247,262,23S shares (l7.fJ4%)

  • Mvc dich tlwc hin giao djch/ functions of transaction: Dd u tu'i funding

  • Phuong thfrc giao djch/ Mode of transaction: Giao djch thoa thun w1 giao dich khop lfnh qua

  • san!Put-via transaction and order matching transaction on market

    10. Thai gian di.r relatives thrc hin giao djch/ Transaction period· til' ngay(from 28/08/2017 ctJn ngay/ to 26/()9/2017

    suggested by

    [signal and srate ji1ll 11mnej

    F&N Daitry Inv ) s Pte I!

    -; ... . f'O'l'PMY: vr..ri, N,o;,91l103itK'- ... .

    ;11!V J HU!V '!f ( -11:,0i'vG

    Title: DIRECTOR

    For and on beha(l of F&N DAIRY


    Fraser and Neave limited posted this content material on 22 August 2017 and is totally liable for the tips contained herein.distributed by Public, unedited and unaltered, on 23 August 2017 02:57:06 UTC.

    Who survived the world hunch top of the line | existent Questions and Pass4sure dumps

    through Madeleine Koo

    buyers hold been taken on probably the most wildest rides in inheritance in concomitant years, every unique because of the global pecuniary crisis. Most classes of managed money hold rebounded from the lows basically as without detain as they plunged.

    however, with the S&P/ASX 200 plummeting from 6900 in October 2007 to 3200 in March 2009, it has been a tricky journey – and one that separated the professional stock pickers from the not so professional.

    colossal capitalised Australian partake money recorded an ordinary loss of eight.07 per cent during the eventual three years, in line with Morningstar, in line with the style the market performed. it is rarely a ringing endorsement for energetic management.With the worst of the cataclysm neatly at the back of us, it's instructive to appear returned and notice which managers managed to climate the crumple in international asset expenditures and near out the different side within the top-quality shape.

    The surest-performing fund over the past three years turned into SG Hiscock’s excessive-conviction mode SGH20. The fund posted a lack of 1.forty four per cent over the three years to June 30, 2010, outpacing the benchmark ASX 200 by passage of about 7 percentage aspects.

    SGH20 is a collection of the optimal ideas of lead portfolio supervisor Robert Hook and his team, Tim timber and Rob Tucker. advantageous contributors to efficiency since 2007 hold protected Newcrest Mining , Ramsay fitness charge , Mineral components , Clough , prevalent Property hold self-possession and Queensland gas.


    Hook says: “essential to the success of SGH20 is their discipline of when to purchase and when to promote each and every investment. The capability and journey to conduct their personal research is additionally a differentiating aspect as we're capable of identify shares that could subsist off the radar to mainstream, massive cap fund managers and prefer up and establish money into emerging tendencies."

    Hook remains bullish on gold, which performed neatly for the fund over the June quarter. Gold has been at checklist highs of late and is considered a haven funding as undergo markets and governments worldwide are printing money to finance their deficits.

    SGH20’s performance makes it a limpid winner however its investors did ought to undergo a rollercoaster experience. The fund recorded a benchmark deviation of 24.8 per cent over that duration, which capability its returns hold been surprisingly risky.

    commonplace deviation is a measure of the unfold of returns over time. The better the generic deviation, the improved the model of returns and the more risk for buyers.

    Hook notes that the volatility of the market improved appreciably every unique through the economic disaster, from lower than 10 per cent per annum three years ago to near 20 per cent every year for the three years to June 30, 2010.

    “As a excessive-conviction fund, their inventory weights are materially discrete to the index weights, which may desist up in their natural deviation being better than that of the market," he explains.

    if your fund’s returns spy unusually unstable, it’s probably that many different investors hold skilled the equal factor. just spy on the wildly fluctuating returns from so-referred to as balanced super funds over the final few years.

    The 2nd and third-most useful performers in the great cap class had been the Commonwealth Australia partake fund, which is closed to fresh traders, and the lengthy-brief grant Samuel Tribeca Alpha Plus fund. They misplaced 1.80 per cent and 1.ninety two per cent respectively over the three years to June. buyers in these cash hold additionally had to undergo extremely towering volatility.

    For investors attempting to find an open fund from Colonial First State, the CFS Wholesale Australian partake – Core Fund turned into too one of the vital enhanced players. It misplaced four.50 per cent over the identical period, according to Morningstar.

    Martin Littler, Colonial First condition global asset management head of Australian equities core, says stocks similar to BHP Billiton and origin energy carried out smartly for the fund over the three years to June.

    Small capitalised Australian partake cash had a worse time than their significant cap counterparts within the downturn. The S&P/ASX small Ordinaries Accumulation Index posted a loss of 14.2 per cent over the final three years. Out of 131 small cap money in Morningstar’s universe, best three small cap cash hold been in tremendous territory.

    The pattern performer, the Wilson HTM priority boom Fund, again 4.28 per cent over the three years to June.

    The fund’s portfolio supervisor, Sandy provide, places the performance every unique the passage down to the fund’s obese allocation to the coal seam gas sector, in addition to inventory alternative advantage. grant says Centennial Coal became the stand-out performer over the June quarter.

    Small cap buyers too needed to undergo higher degrees of volatility than stout cap investors, due to the greater unpredictable nature of smaller groups. The ASX 200 confirmed a typical deviation of 17.6 per cent over the three years to June, while the small Ords index recorded a typical deviation of 21 per cent.

    Wilson HTM’s fund became tremendously risky, with a common deviation of 33.13 per cent over the length. besides the fact that children, this measure of possibility should quiet now not subsist considered in isolation. The fund has invariably outperformed the benchmark in both rising and falling markets, which capacity it often outperforms the market on a possibility-adjusted basis.

    “We confidently adopt positions that vary from [those of] different dollars with value to stock and sector allocations if they accept as tractable with this capability enhanced outcomes," provide says.

    “therefore it may subsist argued that, despite its towering monitoring error, the priority boom Fund is really no more dangerous, or most likely even less dangerous, than other funds with reduce volatility."

    Clime funding management ’s Australian cost Fund become the 2d vicinity-getter with a recur of 0.73 per cent over the three years to June.

    Clime’s director, John Abernethy , says: “The positive recur outcomes from a strategic stream of portfolio into cash after which back into oversold investments, which were extremely leveraged to a market recovery."

    Two hybrid securities that made massive tractable points for Clime were Australand assets hold faith and Multiplex websites reliance .

    The third choicest performer in the small caps class, Asset administration’s Australian small groups Fund, again 1.14 per cent over the three years to June. The portfolio supervisor, John Campbell, is positive about the outlook for small caps over the next three hundred and sixty five days.

    “Given round 50 per cent of the S&P/ASX small Ordinaries Index is a technique or another uncovered to global increase, ie, substances or aid features corporations, if world boom is considered to subsist identifying up, then it is probably going Australian small caps will discharge very well over the subsequent 12 months given their fairly ordinary funding fundamentals," he says.

    If fairness markets hold given traders adequate of a wild trip of late, it is property buyers who've truly needed to cling on to their seats.

    The domestic listed property sector, measured by the S&P/ASX 300 A-REIT Accumulation Index, made a great gain of 20.34 per cent for the 12 months to June 30. but over the three years it posted a precipitous loss of 24.31 per cent.

    Morningstar says the 148 Australian precise property property trusts recorded a typical annual loss of 23.fifty five per cent considering that June 2007.

    The most advantageous performer, consultants’ preference Property and Infrastructure Fund, posted a loss of 15.36 per cent over the period. The recur wasn’t something to cheer about however turned into an development on the passage the market performed.

    The fund is managed through AMP subsidiary Hillross investment management and invests within the AMP Capital international Property Securities Fund and Macquarie true Index - Listed Property Fund.

    for most of the closing three years, the fund has had a 55 per cent exposure to Australian REITs, a 30 per cent publicity to global REITs and a 15 per cent publicity to direct property. The infrastructure allocation changed into brought this 12 months.

    Hillross chief economist Brad Matthews says: “The direct property allocation changed into reduced from a 30 per cent exposure to fifteen per cent in early 2008 following the market downturn, retaining returns every unique the passage through a challenging time."

    He says the performance can too subsist attributed to diversification throughout the distinctive asset classes and to opportunities in direct property.

    traders in the fund were protected against the worst excesses of market gyrations. The benchmark deviation for the fund changed into 18.sixty three per cent every year for the three years to June 30, 2010, abate than these of its friends and an development on the 34.6 per cent fluctuation in the habitual recur of the S&P/ASX 200 A-REIT Index.

    The 2d area-getter within the REIT class, the Perpetual Wholesale Property salary Fund, misplaced sixteen.24 per cent over the identical period.

    The fund holds both listed and unlisted belongings, which crop back significant fluctuations in price, says property securities portfolio supervisor Anthony Cay. “This helps give equipoise in complicated times and became a key intent to the fund’s outperformance."

    It become additionally one of the crucial few cash of its variety now not to subsist frozen throughout the downturn.

    stock of the Week | existent Questions and Pass4sure dumps

    by using man Carson, Senior StockVal Analyst

    final week Commonwealth pecuniary institution of Australia (ASX:CBA) supplied earnings information to the market. CBA call first half internet profit after tax to subsist circa. $2.9bn and here is approximately $200m ahead of market expectations. This upshot benefitted from enhancing fairness markets which provided powerful investment returns. however, CBA too famed within the press free up that there changed into a decline in impairment prices relative to the prior corresponding length. The superior than anticipated Australian employment records reported final week has meant that the Banks hold every unique started this calendar year devoid of the hazard of a tower in purchaser perilous accounts.

    at the identical time as lots of the investment flows hold focussed on the stout 4 banks and pushed their partake costs greater, the regionals hold lagged behind. this is with tractable cause; the stout 4 hold used that equipoise sheet and entry to capital over the remaining few years to better their market place. in the meantime the regionals hold struggled with poorer much loan books, impairments and better can charge ratios. because of this their recur on equity and capital positions has weakened over the ultimate remaining 18 months.

    One exception to here is huge Bay Australia limited ASX:WBB). The recur on equity for WBB fell to 17.2% in FY09 but this changed into smartly above the different peer group regionals and truly become greater than two of the massive 4 (NAB and ANZ). recent results for the primary half are match and we're forecasting a 20% recur for FY2010.

    The enterprise

    WBB is one of Australia's largest building societies. relative in Bundaberg in 1966, it's the made from five mergers. WBB offers a all lot of items and services. These consist of banking, monetary planning, margin loans and coverage items to people and company. functions are notably regarding residential housing loans in Queensland the space the vast majority of the valued clientele can subsist found (74% of purchasers). fresh South Wales and Victoria depict the balance. Residential lending and retail deposits hence compose up the monstrous majority of the business which has forty two branches, 17 agencies and 230 personnel.  WBB endeavours to compose their differentiation element superior customer carrier. here is in order to uphold their fabulous brand title and consumer loyalty.

    financial Metrics

    There are 5 monetary metrics that they exercise to analyse banks:

    1)    Return on equity

    As a fund manager and long-term cost investor, StockVal has a primary rule of thumb – a bank should achieve a recur on tangible equity of about 20% for its shareholders. In a superb 12 months this should subsist surpassed (but now not drastically), and in an pecuniary downturn they're going to plunge short. The StockVal calculated recur on fairness comprises the franking handicap paid to shareholders.

    ultimate year WBB had recur on equity of 17.2%. This changed into a superb outcome given the condition of the pecuniary system and compares favourably towards every unique banks aside from Westpac and CBA. management eventual week upgraded their tips for FY10 asserting they are expecting profit to boost 30% from the outdated yr.

    Assuming that WBB will preserve its payout ratio of ninety% this then gives a recur to the fairness holders of 20% in FY10.

    2)     recur on assets

    one more rule of thumb is that a pecuniary institution should quiet hold a internet recur on indigenous property of about 1%. Given a pecuniary institution will apparatus its equity 20 times a 20% recur on fairness produces a 1% recur on property.

    last yr WBB had a recur on belongings of 75bp, neatly below the 1% tag but nonetheless a superb outcome considering the economic atmosphere. present suggestions has this increasing to 89bp in FY10, back towards the degree they want to see.

    3)  fee Ratio

    within the Eighties the vital banks had “charge to earnings ratios” of about 70%. regularly over two decades this has been managed prerogative down to 50% and beneath. CBA’s remaining result came in at 46.0%. WBB then again has sitting at around fifty five.5% for the ultimate 2 years. the first six months of FY10 has seen this near prerogative down to 53.2%. This fashion is fine and is indicative of a enterprise with improved scale and one is performing at more advantageous effectivity.

    four)  web pastime Margin

    The banks’ activity margins hold been below power for decades. The primary banks hold margins that slightly exceed 2%. although, this margin is whittled away by higher fees of wholesale and retail funding for the smaller banks with lower credit ratings. To its credit WBB has managed to wholesome the majors in recent years with margins around 2%.

    despite the fact, WBB may too struggle to hold this since it is at a aggressive detriment to the predominant banks due to its lessen credit standing of BBB. The decline of the Residential personal loan Backed securitisation market can too also upshot the funding accessible to WBB and handle hobby margins.

    5)    Asset boom, impaired loans and provisions

    in contrast to the different regional banks great Bay truly grew their property remaining 12 months. that they had asset boom of 9.3%.  this is wonderful outcome and was accomplished via having a powerful equipoise sheet at the prerogative time. Tier 1 capital current stands at 9.5%.

    Impairments and provisioning has been an vital theme dealing with every unique banks over the closing 18 months, broad Bay has been no exception. They expensed $4.9m of unhealthy and questionable accounts for the 2009 fiscal year and impaired belongings at the second ensnare a seat at 0.49% of total assets, this compares favourably to the majors. here is as a result of broad Bay is just about a retail and consumer pecuniary institution. in this final downturn the Australian consumer and mortgagee had not fallen in the back of on loan repayments. the key pecuniary indicator to wait for huge Bay going ahead is unemployment. If unemployment continues to plunge and the Australian buyer manages to evade complicated instances, then huge Bay’s provisioning will remain low.


    StockVal Valuation – broad Bay Australia restricted (ASX:WBB)source:

    when it comes to valuation they now hold a recur on equity in line with business suggestions of 20%. This offers a valuation of simply over $7.20 given their assessed required recur of 14.1%. Their required recur for this pecuniary institution is a tractable deal larger than the significant banks as a result of its small dimension. an extra ingredient that they account is the history of the pecuniary institution to invariably carry fairness. This aspect does result in a tower their required recur because of the feasible dilutionary affects of future capital raisings.

    The market expense is presently assuming a recur on equity of 29.4%. here's nearby to the top of the closing cycle in FY06 when the ROE peaked at 30.6%. The market is readily pricing the company for perfection. notwithstanding the company changed into to obtain 29.four% over the next few years they doubt that this would subsist sustainable and that at eventual it will head down against the future dispassionate for banks of 20%.

    whilst the valuation doesn’t issue alluring there is a fine looking bow on offer of 5.eight% or eight.2% grossed up. This bow is in keeping with a towering payout ratio which could necessity to subsist reviewed because the bank grows.


    wide Bay has been one of the crucial more desirable performing banks over the closing three hundred and sixty five days despite its size. The business has performed well and grown enormously in a tough pecuniary environment. alas for buyers the market is currently pricing the company for perfection and it's unlikely that we'll contemplate a superb entry factor any time quickly.

    Clime Asset management and StockVal are a partake of Clime investment management (ASX:CIW).

    different articles in this week's publication

    how to maximise returns on your partake portfolio

    18 partake suggestions – 1 March

    Why Dividends matter

    inventory of the week

    Investing quotes that you would subsist able to pecuniary institution On

    world gold give

    Aussie dollar Weekly Forecast

    precise 10 CFD shares for the week

    Market records - NEW

    more breaking news

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